Thailand’s G Steel Surges on Stock Offering Plan

Aug. 26 (Bloomberg) -- G Steel Pcl, a Thai steelmaker,
gained the most in 16 months in Bangkok trading after announcing
a plan to offer new shares in exchange for debt.

The shares surged 24 percent to 0.57 baht as of the 12:30
p.m. midday break, their steepest advance since April 20, 2009.
The stock was the best performer in the 480-member SET Index,
which rose 0.3 percent.

G Steel plans to offer as many as 5.1 billion new shares to
bondholders, it said in a regulatory filing today. The share
offering is part of the plan to restructure the $170 million
bonds, it said.